Nasdaq is moving closer to launching cash-settled bitcoin index options, a product designed to lower the barrier for mainstream investors to hedge or speculate on the leading cryptocurrency.
The U.S. Securities and Exchange Commission granted conditional approval to Nasdaq PHLX for listing European-style options under the ticker QBTC. The options, still pending Commodity Futures Trading Commission sign-off, track the CME CF Bitcoin Real Time Index and settle in U.S. dollars-no actual bitcoin changes hands at expiration.
Unlike existing CME bitcoin options, which require a separate derivatives account and are tied to futures, QBTC options will trade on Nasdaq's same platform as major tech stocks. Participants can manage exposure directly through their standard brokerage accounts.
Each QBTC contract delivers exposure equivalent to one bitcoin, with a smaller notional value compared to CME's 5 BTC contracts. This opens the door for more precise hedging by smaller institutions and more affordable volatility trading for retail participants.